Airlines in bear market as oil poses âexistentialâ threat
Gulf Times
Airlines in bear market as oil poses ‘existential’ threat
US airline stocks slipped into a bear market as Wall Street warns that the war in the Middle East threatens to dramatically squeeze profits by driving up fuel costs. The S&P Supercomposite Airlines Industry Index closed down 4.1% on Friday afternoon, extending a skid into a sixth day. The group is down over 22% from a multi-year high marked just last month. A decline of 20% or more from a peak is defined as a bear market. The sharp decline in shares stems from the Iran conflict, which has caused the prices of jet fuel to surge.
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